Citigroup sells EMI Music to Universal and Sony

One of the world’s leading music companies, EMI Music, has officially been devoured.

Citigroup purchased EMI back in February, and has now split the world’s fourth-largest music company in half — Universal Music Group picked up EMI’s recorded music division for US$1.9-billion, and it is reported that later today there will be an announcement of an investment group led by Sony to take the music publishing division for US$2.2-billion.

With the purchase, Universal’s already-enormous collection of successful artists — such as Lady Gaga, U2, Eminem and Bon Jovi — has now acquired control of an extensive catalogue of music from bands like the Beatles, Coldplay, Radiohead and Pink Floyd.

Though the future of these catalogues remain uncertain in terms of being resold again, it is reported Universal’s goal is to retain the material by the Beatles.

It is also reported that despite the massive changes occurring within these music companies, Citigroup will retain in deficit EMI’s pension fund, which has 21,500 members.